June 5, 2019

PFE – Market expectations are for Uniform ROA to decline slightly, but management is excited about drug approvals, and confident in gene therapy and growth


  • Pfizer Inc. (PFE:USA) currently trades near recent averages relative to UAFRS-based (Uniform) Earnings, with a 16.3x Uniform P/E. At these levels, the market has bearish expectations for the firm, but management is excited about the approval of KEYTRUDA plus Inlyta, and confident in their gene therapy partnership and ability to drive growth
  • Specifically, management generated an excitement marker when talking about the approval of KEYTRUDA plus Inlyta. Moreover, they are confident in their Wilson disease gene therapy partnership, the success of their first Ibrance indication in the US, and growth opportunities from new indications. Additionally, they are confident in their ability to drive growth through expansions into new patient segments.
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